Another FAP licence taken away
An adviser collected over $37,000 in upfront commissions obtained through misleading clients, while others overpaid for two same or similar policies.
Wednesday, December 3rd 2025, 9:46AM
by Ksenia Stepanova
After being turned into the FMA by the insurer, the FMA has stripped the business of its FAP licence and has referred the matter to the police.
The licence belonged to Hope Group Limited (HGL), a Christchurch-based firm offering personalised risk advice including life and health, income protection, trauma and disability insurance.
The impacted insurer notified the FMA, which reviewed 14 insurance policy applications submitted on behalf of 13 clients. It found a series of conduct issues by the firm’s director, Junpu Wang. These included:
- Submitting duplicate policy applications with false customer information
- Completing an authority to accept a direct debit form on behalf of a client without obtaining their authentic signature
- Failing to get client consent for first and second policies with similar cover to remain active for a significant period, resulting in the client paying two premiums
- Misleading recommendations for promotional offers that clients weren’t eligible for
- Failing to ensure that clients understood the advice provided
The affected insurer has terminated its distribution agreement with HGL.
FMA executive director, response and enforcement Louise Unger said that Wang had deliberately misled clients to take out second policies after the 24-month clawback period for the sole purpose of collecting commission payments. He obtained $37,374 in upfront commissions as a result.
The clients who paid two premiums for the same or similar policies overpaid by $5,342.34.
“HGL and Mr Wang’s actions represent a serious and deliberate departure from the standards expected of a licensed financial advice provider,” Unger said.
“Mr Wang has not accepted his conduct, all allegations have been denied and attempts made to blame another financial adviser who was never engaged by HGL at the time the applications were submitted.”
The insurer has contacted all impacted clients. HGL and Junpu Wang have both been deregistered from the FSPR.
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